Come get you some.
From Bloomberg, November 28:
- Apollo sees an ‘industrial renaissance’ opportunity: Mapondera
- Private credit market has held up better than expected so far
Apollo Global Management Inc. sees an “industrial renaissance” emerging as part of an energy transition investment opportunity worth $50 trillion over the coming decades, according to Leslie Mapondera, a partner at the private capital firm.
“Just in Europe there’s probably $1.8 trillion to be spent” between 2025 and 2030, Mapondera, the company’s co-head of European credit, said at the Bloomberg Intelligence credit market outlook conference in London on Thursday.
Apollo manages about $275 billion of investment-grade credit and its high grade capital solutions business — which focuses on multibillion-dollar corporate deals — has originated about $100 billion in the past four years, including transactions with Intel Corp. and Air France-KLM. The firm is targeting 150 to 200 basis points of excess spread from many of those large deals, he said.
“Historically the market has thought about risk and illiquidity as being relatively aligned but we don’t think that’s so much the case,” he said....
....MUCH MORE
Hmmm....that last sentence just sort of hangs there.
Maybe not a "permanently high plateau" sort of thing (NYT, Oct. 16, 1929) but it does bring to mind something we wrote in an article on the color of the Financial Times newspaper regarding Professor Edward Altman, he of the Altman Z-score:
...After Altman left academia he went to Morgan Stanley and found an historical 1% default rate.
Of course is was totally in error but MS marketing guys liked it.
And he's back at NYU and no one ever mentions the 1% thing.
